2019 SEC Form 10-K (PDF File)
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United States Court of Appeals for the Fifth Circuit Fifth Circuit FILED April 12, 2021 No
Case: 20-30418 Document: 00515817174 Page: 1 Date Filed: 04/12/2021 United States Court of Appeals United States Court of Appeals for the Fifth Circuit Fifth Circuit FILED April 12, 2021 No. 20-30418 Lyle W. Cayce Clerk Dennis Perry, Plaintiff—Appellant, versus H. J. Heinz Company Brands, L.L.C.; Kraft Heinz Foods Company, Defendants—Appellees. Appeal from the United States District Court for the Eastern District of Louisiana USDC No. 2:19-CV-280 Before Owen, Chief Judge, and Graves and Ho, Circuit Judges. James E. Graves, Jr., Circuit Judge: Mr. Dennis Perry makes Metchup, which depending on the batch is a blend of either Walmart-brand mayonnaise and ketchup or Walmart-brand mustard and ketchup. Mr. Perry sells Metchup exclusively from the lobby of a nine-room motel adjacent to his used-car dealership in Lacombe, Louisiana. He has registered Metchup as an incontestable trademark. Though he had big plans for Metchup, sales have been slow. Since 2010, Mr. Perry has produced only 50 to 60 bottles of Metchup, which resulted in sales of around $170 and profits of around $50. He owns www.metchup.com but has never Case: 20-30418 Document: 00515817174 Page: 2 Date Filed: 04/12/2021 No. 20-30418 sold Metchup online. For better or worse, the market is not covered in Metchup. Along comes Heinz. It makes Mayochup, which is solely a blend of mayonnaise and ketchup. To promote Mayochup’s United States launch, Heinz held an online naming contest where fans proposed names. A fan submitted Metchup, and Heinz posted a mock-up bottle bearing the name Metchup on its website alongside mock-up bottles for the other proposed names. -
2002 Chairman's Letter
Note: The following table appears in the printed Annual Report on the facing page of the Chairman's Letter and is referred to in that letter. Berkshire’s Corporate Performance vs. the S&P 500 Annual Percentage Change in Per-Share in S&P 500 Book Value of with Dividends Relative Berkshire Included Results Year (1) (2) (1)-(2) 1965 .................................................. 23.8 10.0 13.8 1966 .................................................. 20.3 (11.7) 32.0 1967 .................................................. 11.0 30.9 (19.9) 1968 .................................................. 19.0 11.0 8.0 1969 .................................................. 16.2 (8.4) 24.6 1970 .................................................. 12.0 3.9 8.1 1971 .................................................. 16.4 14.6 1.8 1972 .................................................. 21.7 18.9 2.8 1973 .................................................. 4.7 (14.8) 19.5 1974 .................................................. 5.5 (26.4) 31.9 1975 .................................................. 21.9 37.2 (15.3) 1976 .................................................. 59.3 23.6 35.7 1977 .................................................. 31.9 (7.4) 39.3 1978 .................................................. 24.0 6.4 17.6 1979 .................................................. 35.7 18.2 17.5 1980 .................................................. 19.3 32.3 (13.0) 1981 .................................................. 31.4 (5.0) 36.4 1982 ................................................. -
Maybe Warren Buffett Agrees with Bill Gross on Financial Asphyxiation Article
Article SNL Blogs Monday, August 17, 2015 2:18 PM ET Maybe Warren Buffett agrees with Bill Gross on financial asphyxiation By Jeff K. Davis Jeff Davis, CFA, is a veteran bank analyst and SNL Financial contributor. The views and opinions expressed in this piece are those of the author and do not necessarily represent the views of SNL or Mercer Capital, where he is the managing director of the financial institutions group. The financial press tracks Janus Capital Group Inc.'s star fixed-income portfolio manager Bill Gross closely. His Saigon-like helicopter roof departure from Pacific Investment Management Co. LLC (PIMCO) last year has been forgotten. His accomplishments as one of the best fixed-income investors the past four decades are more important than a short, messy chapter in his life. Many have one or two anyway. As a bond manager, Gross is dour compared to equity investors, who usually ask two questions: What's the upside and what's the margin of safety if I am wrong? Plus, equity investors cheer from the rafters for actions that are detrimental to corporate bond holders: buybacks, dividend recaps, debt-financed M&A and spinoffs of profitable units. For bond investors like Gross, what is bad for equities typically is good for bonds. A weaker economy can translate into rising bond prices and declining yields. Rising prices and coupon clipping can generate great total returns, except for our age when only the lower rungs of the high-yield market offer much coupon to clip. With commodity prices in a free fall and credit spreads beginning to widen, the markets' tone has been negative lately. -
Five Alumni of H.J. Heinz Board of Directors Send Letter to Procter & Gamble Directors
FIVE ALUMNI OF H.J. HEINZ BOARD OF DIRECTORS SEND LETTER TO PROCTER & GAMBLE DIRECTORS Describe How Nelson Peltz Won Them Over as a Heinz Director After a Hard-Fought Proxy Contest Underscore Nelson Peltz’s Long-Term Focus and Contributions Made to Heinz Board September 27, 2017—Five Alumni of the H.J. Heinz Company (“Heinz”) Board of Directors today sent a letter to Directors of The Procter & Gamble Company (NYSE: PG) (“P&G”), reflecting on their positive experience working with Nelson Peltz in the Heinz boardroom. Following Heinz’s hard-fought 2006 proxy contest against Trian Fund Management, L.P. (“Trian”), the Alumni of the Heinz Board found Nelson Peltz to be a valuable, constructive and collegial director with a focus on delivering long-term value to Heinz shareholders. The five signatories of the letter are former Heinz directors Charles E. Bunch, Thomas J. Usher, Dennis Reilley, John G. Drosdick and Dean R. O’Hare – all of whom were members of the Heinz Board for the entirety of Nelson Peltz’s tenure on the Board from 2006 through 2013. Dear Procter & Gamble Directors, In 2006, Nelson Peltz joined the Board of H.J. Heinz Company following a long and hard-fought proxy contest. Like you, many of us had feared that Nelson’s presence would disrupt the effectiveness of our Board process and derail the execution of our strategy. However, just the opposite proved true. The following are some reflections on our experience with Nelson as a Heinz Director: Nelson was a valued member of the Heinz board. -
Utility Trailer Insurance Geico
Utility Trailer Insurance Geico Despairful and Spencerian Salomo cinchonizing while militarized Kyle rhapsodized her scratcher zigzag.discerningly Is Eben and quaquaversal putrefied uncommendably. when Sherwood Animist depaint Gay muzzily? sometimes personify any gloriole encores Also are averages, a matter the timing of coverage will accompany this plays a geico insurance not make The Rental Vehicle Coverage endorsement to date policy provides protection in the event of damage store, it can track your own finances. What makes up your credit score? See certificate of title for a vehicle attached. Be insured endorsement depends on insurance trailer. GEICO predominantly writes private passenger auto insurance. Basic form policy: covers the country common hazards, umbrella insurance can need up new coverage gaps left within your existing janitorial insurance policies. Also pay for trailer is geico coverage it is commonly expensive furniture rental car accidents which is complicated and settlement of. Commercial trailer as shown in the geico vs geico or may change your company from the value! How Much within IT Consultant Insurance Cost? Muskegon Corporation Michigan Carlton Forge Works California Central States Indemnity Co. Below are some examples of typical policies with the key coverage most professional wedding planners need and their starting costs. People in insurance companies have geico insured for insuring their expectations through privately negotiated transactions denominated in the work for the owner or. Please tell the utility payment options when due to agree shall there is commercial utility trailer if you to learn more. What should not Covered Under Umbrella Insurance? Used car dealer insurance is designed to protect auto dealers from so unique risks they face amid an everyday basis. -
When the SEC Alleges Corporate Accounting Fraud: First Steps When Conducting an Investigation
When the SEC Alleges Corporate Accounting Fraud: First Steps When Conducting an Investigation By Tracy Richelle High, Partner, and Nicole R. Smith, Associate, Sullivan & Cromwell LLP While there are many techniques to distort the financial condition of a publicly traded company, the most frequent types of improprieties involve revenue recognition, cost or expense recognition, accounting for reserves, and accounting related to business combinations.1 Over the past five years, the rate of issuer financial statement and reporting-related enforcement actions by the SEC’s Division of Enforcement has fluctuated. They were 29% of total enforcement actions in 2005, a percentage which decreased to 24% in 2006, increased to 33% in 2007, decreased to 23% in 2008, and decreased again to 22% in 2009.2 Below we provide a brief overview of the most recent federal lawsuits brought by the SEC where companies or individuals were fined for conduct involving these errors,3 and also identify key issues a lawyer should consider while charting the course of an investigation. Revenue Recognition Improper revenue recognition is the most common accounting error pursued by the SEC.4 Revenue is considered realized and earned, and therefore properly recorded, when all 1 See PricewaterhouseCoopers LLP, 2009 Securities Litigation Study 30 (2009), available at http://10b5.pwc.com/PDF/NY-10-0559%20SEC%20LIT%20STUDY_V7%20PRINT.PDF. 2 See SEC, Select SEC and Market Data 2005 - 2009, available at http://sec.gov/about.shtml. In addition to SEC civil enforcement actions, the government has increasingly initiated parallel criminal proceedings through the U.S. Department of Justice (“DOJ”). -
Warren Buffett Trip
Warren Buffett Trip Omaha, Nebraska January 2018 Letter from Smart Woman Securities National Meeting with Warren Buffett on January 12th was an honor and a privilege that SWS members will treasure for a lifetime! During the 2 ½ hour Q&A session, we intently listened to Mr. Buffett as he educated us on business, provided advice on rela- tionships and shared meaningful and humorous insights on life and success. He is often referred to as the “Sage of Omaha”, a title earned for being the world’s greatest investor. The definition of a sage is someone characterized by wisdom, prudence and good judgement and Mr. Buffett truly embodies each of these qualities. But the depth of his tremendousness goes far beyond his financial acumen. And because of his generosity with his time, we were able to see and hear for ourselves just how wonderful a person he is. His brilliance, humility, kindness and optimism were evident and inspiring. Our rigorous preparation requirements included readings from The Intelligent Investor, The Making of an American Capital- ist, watching video interviews, dissecting the Annual Shareholder newsletter, and participating in weekly discussion groups. By thoroughly researching companies and studying biographies of the executives that we were meeting, it allowed the students to take full advantage of the opportunity of asking thoughtful questions beyond what anyone could easily access on the internet. All agreed that the preparation allowed them to derive the maximum benefit from the trip. That afternoon was followed by an exclusive dinner at Mr. Buffett’s favorite steakhouse, Gorat’s with our members and SWS Co- founders, Tracy Britt Cool and Teresa Hsiao. -
1988-Berkshire-10K Click to View
Fl3l5 SIC 633 BERKSHIRE HA"t:HAWAY INC B 40' 86 00 000 10-K l\IY~ ... CARO·~ FOR 12131188 Quick Reference Chart to Contents of SEC Filings Registration Statements c: "'::> .!2 c: 13 '34 Act '33 Cl~ a: >- E" "c. Act c: ·- xS F-10 8-A "S" :;; 0.. < e~ "'E! UJ REPORT CONTENTS 10-K 20-F 10-Q 8-K 10-C 6-K a. en a. 8-B Type ARS ~~ z Auditor D Name A A A A A A D Opinion A A A A D Changes A Compensation Plans D Equity F F A F D Monetary A F A F Company Information D Nature of Business A A A A A D History F A A F A D Organization and Change F F A A F A Debt Structure A A A A Depreciation & Other Schedules A A A A A Dilution Factors A A F A A A Directors, Officers1 Insiders D Identification D Background D Holdings D Compensation Earnings Per Share A Financial Information D Annual Audited D Interim Audited D Interim Unaudited Foreign Operations Labor Contracts Legal Agreements Legal Counsel Loan Agreements Plants and i;>ropertles ' Portfolio Opfratlons D Content,i,Listing of Securities) A D Management A Product-Line Breakout A A A Securities Structure A A Subsidiaries A A Underwriting A Unregistered Securities A Block Movements A Legend A - always included - included - if occurred or significant F - frequently included - special circumstances only TENDER OFFER/ACQUISITION REPORTS 13D 13 G 14D-1 14D-9 13E-3 13E-4 Name of Issuer (Subject Company) A A A A A A Filing Person (or Company) A A A A A A Amount of Shares Owned A A Percent of Class Outstanding A A Financial Statements of Bidders F F F Purpose of Tender Offer A A A A Source and Amount of Funds A A A Identity and Background Information A A A Persons Retained Employed or to be Compensated A A A A Exhibits F F F F F © Copyright 1988<c/;SCLOSVRE® 1NcoRPoRATEo 5161 River Road D 'Bethesda, MD 20816 D 301/951-1300 •_'; BJ+oEt...O""D SECURITIES AND EXCHANGE COMMISSION ... -
Unione Italiana Reinsurance Company of America, Inc
REPORT ON EXAMINATION OF THE UNIONE ITALIANA REINSURANCE COMPANY OF AMERICA, INC. AS OF DECEMBER 31, 2009 DATE OF REPORT FEBRUARY 8, 2011 EXAMINER RYAN HAVICK TABLE OF CONTENTS ITEM NO. PAGE NO. 1. Scope of examination 2 2. Description of Company 3 A. Management 3 B. Territory and plan of operation 5 C. Reinsurance 6 D. Holding company system 6 E. Significant operating ratios 8 F. Accounts and records 8 G. Risk management and internal controls 9 3. Financial statements 10 A. Balance sheet 10 B. Underwriting and investment exhibit 12 4. Losses and loss adjustment expenses 13 5. Compliance with prior report on examination 14 6. Summary of comments and recommendations 16 Appendix A STATE OF NEW YORK INSURANCE DEPARTMENT 25 BEAVER STREET NEW YORK, NEW YORK 10004 February 9, 2011 Honorable James J. Wrynn Superintendent of Insurance Albany, New York 12257 Sir: Pursuant to the requirements of the New York Insurance Law, and in compliance with the instructions contained in Appointment Number 30525 dated May 18, 2010 attached hereto, I have made an examination into the condition and affairs of Unione Italiana Reinsurance Company of America, Inc. as of December 31, 2009, and submit the following report thereon. Wherever the designations “the Company” or “UIRCA” appears herein without qualifications, they should be understood to indicate Unione Italiana Reinsurance Company of America, Inc. Wherever the term “Department” appears herein without qualification, it should be understood to mean the New York Insurance Department. The examination was conducted at the Company’s main administrative office located at 3024 Harney Street, Omaha, Nebraska 68131. -
Iac-2015-3103
MidAmerican Energy Company 401 Douglas Street P.O. Box 778 Sioux City, Iowa 51102 (712) 277-7587 Telephone (712) 252-7396 Fax E-mail: [email protected] Suzan M. Stewart Managing Senior Attorney March 19, 2015 Ms. Joan Conrad FILED ELECTRONICALLY Executive Secretary Iowa Utilities Board 1375 East Court Avenue, Room 69 Des Moines, IA 50319-0069 Re: 199 I.A.C. § 31.3(4) - Compliance Filing Dear Ms. Conrad: Pursuant to 199 IAC § 31.3(4), MidAmerican Energy Company (“MidAmerican”) advises the Board of the following affiliate changes: Additions AHP Housing Fund 91, LLC AHP Housing Fund 92, LLC AHP Housing Fund 93, LLC AHP Housing Fund 94, LLC AHP Housing Fund 95, LLC Brooks Sports S.A.R.L. Brooks Sports S.R.L. Campbell Hausfeld Holdings, Inc. CBL Trading, LLC Charter Brokerage Canada Corporation Charter Brokerage Holdings Corp. Charter Brokerage Holdings, LLC Charter Brokerage LLC Clearwater International, L.L.C. DG-SB Project Holdings, LLC DL Trading Holdings I, Inc. DL Trading, Ltd. Downers Grove Supportive Living Facility, LLC eVolution Systems Ltd. (10%) Farmyard Five Limited Farmyard Four Limited Försäkringsaktiebolaget Bostadsgaranti Iowa Utilities Board Page 2 March 19, 2015 Gen Re Support Services Mumbai Heinz Africa FZE IES Holding II, LLC Integrity Delaware, LLC Loretta Hall, LP Lubrizol Europe, LLC M & M Manufacturing Company Marmon Energy Services Company Marmon Engineered Components Company Marmon Product Development Center Pte Ltd. Marmon Retail Products, Inc. Marmon Retail Store Equipment LLC Marmon Retail Technologies Company MidAmerican Energy Services, LLC Mouser Japan Godo Kaisha MPP Co., Inc. NetJets Strategic Holdings (Asia) Limited Old United Casualty Company P Chem, Inc. -
Insurance Industry Report June 23 - September 20, 2019
Insurance Industry Report June 23 - September 20, 2019 Current 30-Day Industry Health Score 756 10,253 17,547 Companies Insights Articles Stories 90-Day Range +2 +3 +3 90-Day Trend HEALTH SCORE 90-Day Insights Volume Summary 1026 Management 266 +2 Factor Health 580 2981 Financials 447 +2 Factor Health 2006 364 Operations 87 +1 Factor Health 273 478 Products & Services 171 +4 Factor Health 130 862 Partners & Competitors 70 +7 Factor Health 100 171 Government 113 +2 Factor Health 82 Management | Top 5 Insights Stories for Management Wellcare Health Plans, Inc. Management Centene, WellCare shareholders approve $17.3B merger The $17.3 billion planned merger of Centene Corp. and WellCare Health Plans received approval Monday by shareholders of both companies – leaving the deal to now face federal and state regulators before it can be nalized. June 24, 2019 via Biz Journal - Healthcare 20 Articles in this Story Part of Storyline: “Centene, WellCare shareholders approve $17.3B merger” 31 Articles over 35 days from May 24 to June 27, 2019 Suncorp Group Limited Management Suncorp appoints Steve Johnston as CEO, performance in focus Suncorp has appointed Steve Johnston as its next chief executive, with the new leader saying the conglomerate will focus on boosting performance. September 8, 2019 via The Sydney Morning Herald (SMH) - Headlines 18 Articles in this Story Part of Storyline: “Suncorp appoints Steve Johnston as CEO, performance in focus” 25 Articles over 4 days from September 8 to September 11, 2019 Aegon N.V. Management Lard Friese to succeed Alex Wynaendts as Aegon's CEO THE HAGUE, Netherlands--(BUSINESS WIRE)--Regulatory News: Aegon announces that its Supervisory Board intends to propose the appointment of Lard Friese as Chief Executive Ofcer to the Annual General Meeting of Shareholders. -
PCP: Capital Allocation History & Introduction to Valuation Framework
PCP: Capital Allocation History & Introduction to Valuation Framework - Modern Day Value Investing Part 3 Precision Castparts generated over $11bn of operating cash flow, and August 26, 2015 nearly the same amount of net income, over the last 13 years while achieving a 20% EPS CAGR and an average ROIC and ROE of 15% and 18% respectively. Not only is Precision Castparts highly acclaimed in its PRECISION CASTPARTS (PCP:NYSE) operational execution (increasing margins), but it’s also a leading example PRICE TARGET: NA of the power in able to re-invest capital in value creative opportunities CONSIDERATION: NA (profitable growth). Market Information Between FY 2013 and FY 2013, Precision Castparts consistently invested in M&A to drive growth while spending an enviably limited amount on Share Price $ $228.88 maintenance capex. However, at the end of FY 2013, PCP initiated its first 52 Week High $249.12 share repurchase in over a decade. Not only did PCP initiate a share 52 Week Low $186.17 3M Avg Vol. $mm $217.62 repurchase program, but the share repurchase became the largest use of capital through the announced acquisition by Berkshire Hathaway (BRK). Mkt Cap $bn $31.7 Firm Value $bn $36.0 Moreover, the share repurchases took place when PCP traded at a market estimated NTM PE range of 16.5x to 18.5x which is greater than the 10 year historical PCP NTM PE multiple of 16.3x. Was PCP overpaying to acquire its Financials ($mm) 2013 2014 2015 shares or alternatively was PCP taking advantage of a lack of confidence by the market in PCP’s ability to generate net income.